European Lithium Ltd (ASX: EUR) has announced a Maiden Mineral Resource Estimate (MRE) of 45 million tonnes at 0.4% REO from its Tanbreez Project in Greenland. The MRE, prepared in 2016 for Rimbal Proprietary Limited, is now being reported following European Lithium’s acquisition of the Tanbreez Project in 2022. European Lithium now considers the Tanbreez Project to be material. Critical Metals Corp. (NASDAQ: CMC) holds 42.0% interest in Tanbreez. European Lithium is CMC’s largest shareholder and holds a combined interest of 49.5% in Tanbreez. The Tanbreez Fjord and Tanbreez Hill rare-earth mineral sites are situated within a Kakortokite host unit, estimated at 4.7 billion tonnes. The authors of the report are independent consultants P.A. Jones and A.J. Maynard.
The Tanbreez Project is strategically positioned to provide a sustainable rare earth supply to North America and Europe. It’s expected to supply REEs for various next-generation commercial products and the defense industry. Notably, the Tanbreez Project is believed to have over 27% Heavy Rare Earth Elements (HREEs), which hold a greater value compared to Light Rare Earth Elements (LREEs). The MRE includes an Indicated Resource of 25.4 Mtonnes and an Inferred Resource of 19.5 Mtonnes. The project benefits from year-round direct shipping access through deep-water fjords leading to the North Atlantic Ocean.
Tony Sage, Executive Chairman of European Lithium, expressed excitement about the MRE milestone, noting that it will allow to develop the initial resource to more tonnes and grade in the coming months. He also stated that the deposit drilling covers only 5% of the total project area, with plans for deeper and extension drilling. These efforts aim to further increase the resource size and grade.
Critical Metals Corp. is undertaking due diligence and preparing an S-K 1300 Report for submission to the SEC, including drilling programs for confirmation and extension. European Lithium intends to provide market updates as the project progresses.
